Signs It’s Time to Refinance Your Auto Loan
Is it time to take a fresh look at your auto loan? Refinancing your auto loan from another lender can be a smart move to save money, lower your monthly payment, or even adjust your loan term to better fit your budget. Here are some signs it might be the perfect time to refinance your auto loan.
1. Your Interest Rate Is Higher Than Today’s Rates
Auto loan rates can fluctuate, and if your current rate from another lender is higher than what’s available now, refinancing could lower your rate & your monthly payment. Even a small drop in interest can add up to big savings over the life of your loan!
Curious to see how much you could potentially save? Try out our calculator below!
Should I refinance my auto loan at a lower rate?
2. You Want Lower Monthly Payments
If your monthly payment is higher than you’d like, it can put a strain on your budget. Refinancing your auto loan, either by extending the term or securing a lower interest rate, can give your wallet some breathing room.
3. Your Credit Score Has Improved
Since your original auto loan, has your credit score gone up? Lenders often offer better rates to borrowers with stronger credit. Refinancing could help you qualify for a lower rate and save even more.
4. You Want to Pay Off Your Loan Faster
On the flip side, maybe you want to shorten your loan term and pay off your car sooner. Refinancing gives you the flexibility to adjust your term and take control of your financial future.
How Auto Refinancing Works
Refinancing replaces your existing auto loan with a new one, ideally with better terms that match your current financial situation. The process is straightforward: you apply, choose terms, and if approved, the new loan pays off the old one, leaving you with updated payments, terms, or both.
Refinance With Us and Save
At Christian Financial, we make auto refinancing easy and member-friendly. Our team can help you find a rate that fits your budget, explore flexible loan terms, and guide you through the process from start to finish.
If any of these signs sound familiar, it could be the perfect time to check your potential savings. With rates as low as 4.74% APR*, refinancing your auto from another lender at CFCU may lower your payments, reduce your interest, or help you pay off your car faster.
Take the Next Step
Ready to see if refinancing makes sense for you? Get started today to explore our auto refinancing options. Your car and your wallet will thank you!
*APR = Annual Percentage Rate. Rates shown are the best available, are based on credit history, are available only on loans not already financed with Christian Financial and subject to change without notice. Rates listed are based on automatic loan payment. For example, for a loan of $20,000 at 60 months with an interest rate of 4.74% APR, the payment will be $375.05. Loans requested for more than 105% of collateral value may be subject to a higher rate of interest. Members refinancing existing Christian Financial Credit Union loans are subject to a higher rate of interest. Please see a Christian Financial Service Representative for full details.
